$SLDP
Solid Power, Inc.

2023 Q2 Form 10-Q Financial Statement

#000155837023008961 Filed on May 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $4.906M $3.792M
YoY Change 90.01% 72.68%
Cost Of Revenue $6.897M $6.274M
YoY Change 130.9% 209.06%
Gross Profit -$1.991M -$2.482M
YoY Change 391.6% -1595.18%
Gross Profit Margin -40.58% -65.45%
Selling, General & Admin $5.673M $6.756M
YoY Change 15.92% 67.98%
% of Gross Profit
Research & Development $14.51M $11.65M
YoY Change 71.9% 74.87%
% of Gross Profit
Depreciation & Amortization $2.642M $2.264M
YoY Change 155.02% 200.66%
% of Gross Profit
Operating Expenses $27.08M $25.11M
YoY Change 56.72% 85.89%
Operating Profit -$22.17M -$21.32M
YoY Change 50.87% 88.45%
Interest Expense $13.00K $13.00K
YoY Change 160.0% 160.0%
% of Operating Profit
Other Income/Expense, Net $9.967M $2.160M
YoY Change -64.9% 128.57%
Pretax Income -$12.21M -$19.16M
YoY Change -189.07% 84.8%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$12.21M -$19.16M
YoY Change -189.3% 85.21%
Net Earnings / Revenue -248.78% -505.22%
Basic Earnings Per Share -$0.07 -$0.11
Diluted Earnings Per Share -$0.07 -$0.11
COMMON SHARES
Basic Shares Outstanding 177.8M 176.8M
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $221.1M $255.5M
YoY Change -54.34% -53.83%
Cash & Equivalents $28.44M $9.888M
Short-Term Investments $192.7M $245.6M
Other Short-Term Assets $3.494M $4.219M
YoY Change 22.0% 44.54%
Inventory
Prepaid Expenses
Receivables $5.224M $1.700M
Other Receivables $0.00 $0.00
Total Short-Term Assets $229.9M $261.4M
YoY Change -53.01% -53.15%
LONG-TERM ASSETS
Property, Plant & Equipment $95.08M $87.89M
YoY Change 60.04% 151.28%
Goodwill
YoY Change
Intangibles $1.360M $1.229M
YoY Change 61.33% 70.22%
Long-Term Investments $222.3M $212.8M
YoY Change 345.64% 1852.51%
Other Assets $1.087M $1.099M
YoY Change -10.09% -11.3%
Total Long-Term Assets $328.2M $311.5M
YoY Change 176.03% 460.05%
TOTAL ASSETS
Total Short-Term Assets $229.9M $261.4M
Total Long-Term Assets $328.2M $311.5M
Total Assets $558.0M $572.9M
YoY Change -8.23% -6.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.065M $3.577M
YoY Change -15.46% -13.49%
Accrued Expenses $4.666M $7.694M
YoY Change 25.9% 332.98%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $308.0K $276.0K
YoY Change 431.03% 213.64%
Total Short-Term Liabilities $13.06M $12.58M
YoY Change -3.74% 94.27%
LONG-TERM LIABILITIES
Long-Term Debt $535.0K $552.0K
YoY Change 251.97% 13700.0%
Other Long-Term Liabilities $15.11M $20.25M
YoY Change -48.17% -64.35%
Total Long-Term Liabilities $15.64M $20.80M
YoY Change -46.61% 519950.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.06M $12.58M
Total Long-Term Liabilities $15.64M $20.80M
Total Liabilities $28.70M $33.39M
YoY Change -33.42% -47.55%
SHAREHOLDERS EQUITY
Retained Earnings -$50.37M -$38.25M
YoY Change 710.83% 92.4%
Common Stock $583.1M $580.0M
YoY Change 1.85% 1.74%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $529.3M $539.5M
YoY Change
Total Liabilities & Shareholders Equity $558.0M $572.9M
YoY Change -8.23% -6.62%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$12.21M -$19.16M
YoY Change -189.3% 85.21%
Depreciation, Depletion And Amortization $2.642M $2.264M
YoY Change 155.02% 200.66%
Cash From Operating Activities -$16.67M -$19.63M
YoY Change 94.12% 36.62%
INVESTING ACTIVITIES
Capital Expenditures $9.737M $11.58M
YoY Change -147.38% 10.01%
Acquisitions
YoY Change
Other Investing Activities $44.90M -$8.971M
YoY Change -137.5% -76.55%
Cash From Investing Activities $35.16M -$20.68M
YoY Change -125.07% -57.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 61.00K 73.00K
YoY Change -4.69% -64.9%
NET CHANGE
Cash From Operating Activities -16.67M -19.63M
Cash From Investing Activities 35.16M -20.68M
Cash From Financing Activities 61.00K 73.00K
Net Change In Cash 18.55M -40.24M
YoY Change -112.47% -36.18%
FREE CASH FLOW
Cash From Operating Activities -$16.67M -$19.63M
Capital Expenditures $9.737M $11.58M
Free Cash Flow -$26.41M -$31.21M
YoY Change -320.75% 25.37%

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CY2023Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
150000
CY2022Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
270000
CY2023Q1 sldp Payments On Finance Lease Liability
PaymentsOnFinanceLeaseLiability
70000
CY2022Q1 sldp Payments On Finance Lease Liability
PaymentsOnFinanceLeaseLiability
12000
CY2022Q1 sldp Payments Of Transaction Costs
PaymentsOfTransactionCosts
12000
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
73000
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
208000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-40235000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-63042000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
50123000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
513447000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
9888000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
450405000
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
13000
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
3000
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
3370000
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
3119000
CY2023Q1 us-gaap Nature Of Operations
NatureOfOperations
<p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-weight:bold;line-height:11pt;margin:0pt 0pt 12pt 0pt;"><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">Note 1 – Nature of Business</b></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:11pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><span style="font-family:'Times New Roman','Times','serif';">Solid Power, Inc. (the “Company”) is developing solid state battery technology to enable the next generation of batteries for the fast-growing EV and other markets. The Company’s planned business model is to sell its sulfide-based solid electrolyte and to license its solid-state cell designs and manufacturing process. </span></p>
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
101777000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
94387000
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
13886000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
11626000
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
87891000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
82761000
CY2023Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
1285000
CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
-56000
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
1159000
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
-51000
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
5000
CY2022Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2000
CY2023Q1 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
110636000
CY2023Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
2662000
CY2022Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-710000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2222000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1596000
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
59945000
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
21455000
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0428
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0102
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.4686
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.5997
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.11
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.95
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
5165000
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
31000
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-19158000
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-10344000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
176934261
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
172395717
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.11
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.06
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
46590493
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
47170795
CY2022Q4 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P5Y
CY2021Q3 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P5Y
CY2023Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
44000
CY2023Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
12000
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
308000
CY2023Q1 us-gaap Lease Cost
LeaseCost
364000
CY2023Q1 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
12000
CY2023Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
66000
CY2023Q1 us-gaap Operating Lease Payments Use
OperatingLeasePaymentsUse
283000
CY2023Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P3Y2M19D
CY2023Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.059
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y11M12D
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.069
CY2023Q1 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
236000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
854000
CY2023Q1 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
315000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1173000
CY2023Q1 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
200000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1210000
CY2023Q1 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
101000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1248000
CY2023Q1 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
37000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1288000
CY2023Q1 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
16000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1329000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
5244000
CY2023Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
905000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
12346000
CY2023Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
77000
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
3307000
CY2023Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
828000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
9039000
CY2023Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
180000
CY2022Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
144000
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0021
CY2021Q4 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
500000

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